OpenSea’s New Solana-based Launchpad Startles the NFT Community

OpenSea’s New Solana-based Launchpad Startles the NFT Community

NFT Giant OpenSea launched a new Solana Launchpad to help the creators host a new mint on the NFT marketplace from the beginning to the end.

As per the statement of OpenSea on their new blog, the NFT giant would advise the creators while handling the pre-mint operations and allowlist minting for supporters and the community. To add to it, it would also guide the creators to navigate all post-mint and secondary sales. The NFT giant has done this to ensure that the users have the best Solana experience within the NFT ecosystem. 

OpenSea stated that it was excited to initiate this program with two creators of Solana as a part of its launchpad experience.

"We are excited to launch and learn with these first drops, and we're committed to expanding primary drops on OpenSea."

The Solana Launchpad on OpenSea will be launched with two drops, namely 8,888 Zoonies from July 20, 2022, and Monkai NFTs from July 26, 2022. The Zoonies are highly developed civilizations of mutant aliens on planet Zoon whereas, Monkai is a narrative-driven NFT project.

OpenSea's Support to Solana

This development came after three months when OpenSea activated its support for Solana. In the 2020-2021 bull run, OpenSea was one of the largest beneficiaries. The NFT giant also managed to secure hundreds of millions of investments. Most recently, the organization raised investment at a valuation of $13.3 billion. However, this growth couldn't prevent itself from attracting a significant amount of drama.

The US Justice Department charged one of the former product managers of the company with insider trading. This incident occurred in early June this year, and the authoritative organization detained the manager. 

After witnessing the great depression in the cryptocurrency market, several leading business companies in this sector took the harsh decision of cutting down the count of their employees as a means to prepare for and deal with the ongoing crypto winter. In this bearish market trend, OpenSea was no exception. After consistently fighting the bear market for days, finally, it decided to lay off 20% of its workforce last week.

In addition, despite the BTC, ETH price recovery, the NFT space faced bearish blues recently.

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